Heavy pounds! The Securities Regulatory Commission has made major adjustments to the rules of securities dealersderegulation and integration

category:Finance
 Heavy pounds! The Securities Regulatory Commission has made major adjustments to the rules of securities dealersderegulation and integration


On Friday, the SFC held a regular press conference. Chang Depeng, a spokesman for the Securities Regulatory Commission, said that recently, the Securities Regulatory Commission guided Shanghai and Shenzhen Stock Exchange to revise and promulgate the Rules for the Implementation of Margin and Margin Trading, and at the same time, guided the exchange to further expand the scope of the transaction of the two futures, and greatly optimized the trading mechanism of the two futures.

The main manifestations are as follows:

The second is to improve the calculation formula of guarantee ratio. Besides cash, stocks and bonds, customers can use other assets recognized by securities companies as supplementary collateral.

Chang Depeng emphasized that it is no longer necessary to maintain the minimum guarantee ratio, not to cancel the guarantee ratio, nor to expand the scope of the collateral without considering the quality of the collateral. The above-mentioned adjustment will transform the compulsory requirements of supervision and self-discipline into the inherent needs of the independent risk management of securities companies, which will be freely contracted by securities companies and customers. Fixed. Similarly, expanding the scope of the two financing targets is also to guide securities companies to set their own target pools according to their own risk management capabilities, and to do a good job in customer appropriateness management.

Large Expansion of Liangrong Target

The Shanghai Stock Exchange announces that it will expand the range of securities subject to margin trading. According to the ranking of weighted evaluation index from big to small, 275 stocks were selected as new tenders. After enlarging the scope, the number of the new tenders was 800.

(Pictures from the official website of the Shanghai Stock Exchange)

Shenzhen Stock Exchange announces to expand the scope of margin trading target stocks. The basic principle of expanding the scope of the underlying stocks is to retain the existing ones first. According to the weighted evaluation index, 375 stocks are selected as the newly added ones in order to increase the number of A-share stocks listed on Shenzhen Stock Exchange from 425 to 800.

(Pictures from Shenzhen Stock Exchange website)

Among the new lists of Shenzhen Stock Exchange, there are 69 motherboards, 165 small and medium boards and 141 entrepreneurship boards.

The Shenzhen Stock Exchange added 375 new merging targets

Two Financing Funds are Powerful Driving Force of Stock Index

Wind data show that since its launch on March 31, 2010, the two financial businesses have experienced the germination period from 2010 to 2012, the first outbreak period in 2013 and the high-speed growth period in 2014. After August 2014, the business of Liangrong began to grow geometrically, breaking through trillions for the first time on December 19 of that year. In one year, the growth rate of Liangrong and Liangrong was nearly 200%.

According to Wind data, the balance of Shanghai and Shenzhen financial institutions decreased from a peak of 2.27 trillion yuan on June 18, 2015 to 906.7 billion yuan on September 30, which took only three months, but the scale decreased by 60%, returning to the level at the end of 2014. Over the same period, the Shanghai Composite Index fell by 40%.

Over the next four years, the balance of the two financial institutions hovered around 1 trillion yuan. As of August 8, 2019, the balance of Shanghai and Shenzhen Finance was 896.495 billion yuan, down 1.23 billion yuan from 897.725 billion yuan in the previous trading day, and 1.37 trillion yuan from the peak in 2015.

As of August 8, 2019, the financing balance of Shanghai and Shenzhen was 884.649 billion, accounting for 2.1% of the circulating market value of A shares.

As of August 8, 2019, the balance of Shanghai and Shenzhen securities trading was 11.847 billion, accounting for 0.3% of the circulating market value of A shares.

According to the proportion of the balance of the two trades, the industries of materials, capital goods, technology, hardware and equipment rank first, while the industries of household and personal goods, food and main products retail and consumer services lag behind.

Securities Regulatory Commission solicits opinions on the calculation criteria of wind control indicators for securities firms

According to the website of the Securities Regulatory Commission on August 9, the Securities Regulatory Commission has revised the Standard for Calculating Risk Control Indicators of Securities Companies (hereinafter referred to as the Standard for Calculating Risk Control Indicators) and is now seeking public opinions.

The revised contents mainly include:

One is to support securities companies to follow the concept of value investment, participate deeply in market transactions, and appropriately relax the calculation standards of wind control indicators for investment components, equity index funds, policy-based financial debt and other products.

Secondly, according to the principle of Combining Leniency with strictness and preventing risks, we should improve the calculation standard of corresponding indicators according to the business characteristics such as stock pledge, private equity asset management and the risk characteristics of various financial products.

Thirdly, according to the practice of market development, the calculation criteria of wind control indicators for new business and new products are defined to ensure full coverage of all kinds of business risks.

Fourthly, in order to support securities companies to improve their overall risk management level, the adjustment coefficient of venture capital readiness is set at 0.5 for securities companies classified as Class A AA or above for three consecutive years. It is clear that for securities companies included in the consolidated form supervision, the relevant risk control index calculation criteria can be stipulated separately by the SFC.